Personal Loans for Bad Credit in Tampa, FL

Are you in Tampa, and have bad credit, but looking for a way to access products?

People in Tampa may want to consider a bad credit personal loan. A bad credit loan may be an option for various needs or wants, including home improvements or a new laptop.

In this article we’ll go over:

• What is bad credit
• What people in Tampa need to know before getting a personal loan
• Types of personal loans available in Tampa, FL

Before applying for a personal loan, it might be a good idea to check your credit score and budget. Having a general idea of your finances may help determine what you can reasonably pay.

 

Understanding Bad Credit

Commonly called a bad credit score, most credit bureaus generally agree that a credit score below 579 is considered a low credit score. The next credit score rating, a fair credit score, ranges from 580 to 669, and 670 to 739 is known as a good credit score.

Many factors may impact a credit score, including monthly payment history, credit utilization, and the number of accounts.

 

Tampa or Florida-Specific Considerations

Florida regulates all the financial institutions in the state, across all cities, including Tampa. They also specifically regulate bad credit loans. There are specific regulations in Florida around payday loans, which are capped at $500.

If you’re interested in knowing your credit score, pulling a credit report with each of the three credit bureaus at annualcreditreport.com is a good start. The state of Florida also has federally approved credit counseling services, to help residents improve their credit scores.

You might be wondering: Is a lease the same as a loan?

Leases & loans are quite different – here’s what you need to know:

• A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
• A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period and includes the option to purchase the item outright. It does not include interest but has leasing fees.

What Products or Services Can a Bad Credit Loan Get You?

Bad credit loans may be a great option for a variety of needs, such as new furniture or electronics.

Outdoor lawn equipment, like a new lawn mower may be a good use of a bad credit loan. With warm weather almost year-round in Tampa, a good lawn mower seems to be essential for homeowners or renters and may be cheaper in the long run than paying someone to cut your grass every couple of weeks.

Bad credit loans are not limited to products. They may also work for items like new tires or even dental work. However, bad credit loans are subject to approval, and certain products may not qualify for payment solutions.**

Other items that may qualify include:

• Furniture
• Electronics
• Appliances

Tampa, FL Bad Credit Loan FAQs

Q: Can you realistically get a loan in Tampa with bad credit?

A: It is possible to qualify for a bad credit loan in Tampa even if you have bad credit history.* Start by filling out an application by entering your zip code** to get started. You may not be approved, but just because you have bad credit doesn’t mean you’ll be disqualified.

 

Q: What’s considered “bad credit”?

A: Generally, a bad credit score is considered 579 and below, while a score above 670 is good. Payment solution providers often look at more than just your credit rating when considering eligibility. And payment solution providers specifically for bad credit loans, may consider more than just your credit score for approval.

 

Q: Are there other payment solutions that might work with bad credit?

A: Yes, borrowers should consider all options before beginning the application process. Be sure to read the disclosures and understand terms and conditions. Other options may include installment loans or rent-to-own options. If you’re looking for these options, consider entering your zip code** to start the application.

*Approval is possible without a credit score, but credit history may be checked.

**Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.

Sources:

Bankrate – What you need to know about your credit score
https://www.bankrate.com/credit-cards/advice/what-is-a-credit-score/#what-is-a-good-credit-score

Florida Office of Financial Regulations – Payday Lenders
https://flofr.gov/sitePages/PaydayLenders.htm

Florida Consumer – Debt Management Plans
https://floridaconsumercredit.org/services/faqs